HomeMy Public PortalAbout2016.167 (07-19-16)RESOLUTION NO. 2016.167
* *NOT USED **
A JOINT RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
LYNWOOD AND THE LYNWOOD UTILITY AUTHORITY
APPROVING A CONTRACT WITH RAMIREZ & CO. AS
UNDERWRITER FOR THE PROPOSED LYNWOOD UTILITY
AUTHORITY ENTERPRISE REFUNDING REVENUE BOND,
SERIES 2016A PUBLIC SALE AND FOR THE
MAYORIHERNANDEZ TO EXECUTE THE AFOREMENTIONED
CONTRACT IN A FORM APPROVED BY THE CITY
ATTORNEY /AUTHORITY COUNSEL
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RESOLUTION NO. - J)6'd
A JOINT RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD AND
THE LYNWOOD UTILITY AUTHORITY APPROVING A CONTRACT WITH RAMIREZ
& CO. AS UNDERWRITER FOR THE PROPOSED LYNWOOD UTILITY AUTHORITY
ENTERPRISE REFUNDING REVENUE BONDS, SERIES 2016A PUBLIC SALE AND
FOR THE MAYORIPRESIDENT TO EXECUTE THE AFOREMENTIONED CONTRACT
IN A FORM APPROVED BY THE CITY ATTORNEY /AUTHORITY COUNSEL
WHEREAS, the 2008 Series A and 2009 Series A Lynwood Utility Authority bonds
are eligible for refunding; and
WHEREAS, given current market conditions, the City and Authority can expect to
save approximately $120,000 per year from the proposed refunding; and
WHEREAS, staff recommends refunding of the 2008 Series A and 2009 Series A
Lynwood Utility Authority bonds; and
WHEREAS, staff recommends the selection of Ramirez & Co.as underwriter for
the proposed refunding of the 2008 Series A and 2009 Series A Lynwood Utility Authority
bonds and
WHEREAS, Lynwood Municipal Code 6- 3.13.a.3 section authorizes the City
Council to dispense with formal bidding requirements when the services may be acquired
more economically and efficiently through direct negotiations.
NOW, THEREFORE THE CITY COUNCIL OF THE CITY OF LYNWOOD AND
THE LYNWOOD UTILITY AUTHORITY DOES HEREBY FIND, DETERMINE, ORDER
AND RESOLVE AS FOLLOWS:
Section 1. The City Council and the Lynwood Utility Authority authorizes the
Mayor /Presidentto execute a contractwith Ramirez & Co. as underwriter for the proposed
Lynwood Utility Authority Enterprise Refunding Revenue Bonds, Series 2016A public
sale.
Section 2. The City Council and the Lynwood Utility Authority by at least 4 /5ths
vote, hereby finds that the quality services provided by ALS and reduced costs justify
dispensing with the formal bidding requirements per Lynwood Municipal Code section 6-
3.13.a.3.
Section 3. This resolution shall become effective immediately upon its adoption.
Section 4. The City Clerk shall certify as to the adoption of this City Council and
Lynwood Utility Authority Resolution.
PASSED, APPROVED and ADOPTED this 191n day of July 2016.
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ATTEST:
Maria Quinonez
City Clerk/Secretary
APPROVED AS TO FORM:
David A. Garcia
City Attorney /Authority Counsel
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Edwin Hernandez, Mayor /President
Amanda Hall
Finance Director